UPDATE 1-Panera profit tops Street
April 24 - Panera Bread Co reported first-quarter profit that topped Wall Street's estimates and raised its full-year outlook after more customer visits helped send sales at established company-owned bakery-cafes up 7.5 percent. Shares in Panera, one of the top performing U.S. restaurant chains, rose 1.5 percent to $150.40 in extended trading. KEY POINTS Q1 2012 Estimate* Q1 2011 Revenue $498.6 mln $500.8 mln $422.1 mln Net income $41.2 mln $32.8 mln EPS $1.40 $1.35 $1.09 - Panera raised its 2012 earnings-per-share outlook to a range of $5.58 to $5.63 due to better-than-expected sales and improved operating margins. Panera previously called for 2012 earnings of $5.50 to $5.55 per share. BACKGROUND/LINKS - The company is in the middle of a shuffle in its executive suites. Chief Financial Officer Jeff Kip left the company on March 15 to become CFO at IAC/InterActiveCorp. Chief Operating Officer John Maguire is resigning on May 31 to become the chief executive officer at Friendly's Ice Cream LLC. Charles Chapman, Panera's executive vice president of development and business development and licensing will replace him. - Panera, Chipotle Mexican Grill and Starbucks Corp , and other chains that cater to higher-income diners with specialty products ranging from gourmet coffee to organic and artisanal products, have been outperforming the U.S. restaurant industry as a whole. Note: * Average analyst estimate according to Thomson Reuters I/B/E/S.
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